Borosil Renewables slumps on reporting net loss of Rs 15 cr in Q3 FY23

Borosil Renewables declined 7.59% to Rs 561.85 after the company reported consolidated net loss of Rs 15.55 crore in Q3 FY24 as compared with net profit of Rs 5.23 crore recorded in Q3 FY23.

Revenue from operations jumped 34.29% to Rs 330.01 crore in Q3 FY24 from Rs 245.75 crore recorded in the corresponding quarter previous year.

The company recorded a pre-tax loss of Rs 18.17 crore in Q3 FY24 as against profit before tax of Rs 13.62 crore in Q3 FY23.

The profitability was dented as total expenses spiked 45.51% to Rs 351.94 crore in Q3 Fy24 as compared with Rs 241.86 crore in Q3 FY23. Cost of materials consumed was at Rs 96.43 crore (up 96.43% YoY), finance cost stood at Rs 7.43 crore (up 254.96% YoY) and employee benefits expenses was Rs 54.29 crore (up 68.83% YoY) during the period under review.

On 9-Month basis, the company reported consolidated net profit of Rs 1.18 crore in 9M FY24 steeply lower than Rs 59.53 crore recorded in 9M FY23. Revenue from operations surged 85.67% YoY to Rs 1,086.17 crore in 9M FY24.

Meanwhile the company board approved to raise funds through the issuance of instruments or security including equity shares or any other security convertible into equity shares (including warrants), by way of one or more offerings including a rights issue, preferential issue or qualified institutions placement or through a combination thereof, in one or more tranches, for an amount not exceeding Rs 500 crore.

Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and low iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.

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